Jabil Circuit stock price soars on second quarter earnings

Jabil Circuit's stock price soared 10 percent on Thursday on news that the company exceeded earnings expectations in its second quarter ending Feb. 28. The St. Petersburg manufacturer of electronic components reported an overall loss of $866.1 million for the quarter. But the loss included $705 million in goodwill impairment, an accounting practice whereby waning stock prices and consumer demand are treated as a one-time loss. Investors focused on the company's core performance, and in that regard Jabil surpassed expectations by posting earnings of $27.3 million. Its shares ended the day at $6.63. As late as March 24, the stock traded for $3.81.